Bargain buying in technology stocks drove Wall Street higher on Monday following a slump related to Omicron, while the Dow Jones lagged its peers as major banks fell and investors awaited more information on the new coronavirus variant. The S&P technology subindex jumped 2.1 percent, indicating that investors were likely favoring pandemic-resistant technology stocks amid growing fears of Omicron. Gains in Amazon.com and Tesla Inc. also drove the S&P consumer discretionary sector 1.7 percent higher, with investors viewing Friday’s losses as a cue for bargain hunting into high-value tech names. “People are looking at it as a little bit of a sale on Friday and an opportunity to get into some areas of the market that got hit hard,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. Wall Street indexes had slumped between 2.0 percent and 3.5 percent on Friday following news of the Omicron variant. Investors were …
Tech Rally Lifts Wall Street From Omicron-Driven Rout
November 29, 2021
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